Phase Change Materials Market to gain rapid boost from construction sector by 2024
Date: 2019-06-13   Author: Rahul Varpe  Category: #news

Phase Change Materials Market to gain rapid boost from construction sector by 2024

The Phase Change Materials Market 2019 Research Report investigates a thorough and complete study on Phase Change Materials market volume, market Share, market Trends, Applications, Utilization ratio, Supply and demand analysis, manufacturing capacity and growth forecast from 2019 to 2024.

With the emergence of new encapsulation technologies and improvement in latent heat storage capacity, phase change materials market is set to witness a transformation of sorts. This is in addition to the efforts being deployed by numerous industry participants to develop new product alternatives to evaluate different phase change temperature options that would aid various business verticals to conserve energy. Endorsed by a lucrative end use landscape, the market share is certain to grow at an exceptional pace over the next seven years. In fact, as per a report by Global Market Insights, Inc., market is estimated to register an impressive y-o-y growth rate of 15.8% during the forecast timespan.

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With the burgeoning global population and astonishing rate of industrialization, the building and construction sector has been striving constantly to fulfill the ever-increasing demand for residential and commercial spaces. This has necessitated the formulation of stringent regulatory frameworks across various nations to save energy and reduce harmful emissions. Thermal storage is an efficient way of energy conservation by incorporating phase change materials in buildings. Consequentially, the construction sector has been proactive in utilizing these materials which has further impelled the growth prospects of phase change materials market.

In the recent times, phase change materials market has received considerable attention across various business verticals including Textiles, Building & Construction, Packaging, HVAC, Electrical & Electronics, and Chemical. The rising environmental concerns across developed and developing economies has resulted in increased efforts by private and government institutions to curtail greenhouse gas emissions. As a consequence, these global efforts have markedly influenced the expansion of phase change materials industry, given that these materials utilize latent heat of phase change to control temperature within a set range.

Furthermore, it has to be noted that incorporating phase change materials in the aforementioned business verticals would lower the demand for heaters and coolers. This would, in turn, assist major industrial firms to earn 10-20 times more carbon credits in comparison to the credits obtained by utilizing other insulating materials. Therefore, it is quite undeniable that phase change materials market, which held a total valuation of over USD 1 billion in 2016, is bound to proliferate at a commendable pace in the forthcoming years.

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Moreover, it has been observed that there has been an increase in the utilization of glass surfaces and lightweight materials in the facades of modern buildings. However, these materials are insufficient to store energy i.e. they lack thermal inertia. Energy storage in the ceiling, walls, and floors of buildings can be increased by integrating phase change materials within these surfaces to capture solar energy directly. This would enhance human comfort by maintaining the appropriate temperature in the desired interval for a longer period of time. 

Subsequently, phase change materials have been gaining wide scale popularity as an effective substitute to conventional and costlier construction materials. The ability of these materials to store a significant amount of thermal energy within a small volume has made it one of the most promising components in developing energy efficient buildings – a factor that has further propelled the phase change materials market expansion.

In the year 2015, Vesl LLC collaborated with a major phase change materials market leader, Entropy Solutions, to launch a new range of PureTemp in an encapsulated form. Apparently, the latest range of phase change materials consists of three innovative solutions namely, MacroVesl, BlockVesl, and MicroVesl. Reportedly, these materials are suited to a wide range of applications including refrigeration, thermal energy conservation, air conditioning, heat recovery and heat storage. Equipped with superior performance and faster energy exchange properties, PureTemp is certain to alter the product dynamics of the overall phase change materials industry.

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About Global Market Insights:

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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Corporate Sales, USA

Global Market Insights, Inc.

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Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for AlgosOnline. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. ...

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